Monitoring Agency report for the quarter ended 30 June, 2025.
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Platinum Industries Limited has filed the CRISIL Monitoring Agency Report on the use of its IPO proceeds for Q1 FY26 (quarter ended June 30, 2025). The company raised Rs 2,118.29 million in net proceeds from its February 2024 IPO, earmarked for four purposes: an Egypt PVC Stabilizers plant (Rs 677.21M), a Palghar PVC Stabilizers plant (Rs 712.61M), working capital (Rs 300M), and general corporate purposes (Rs 428.47M). As of June 30, 2025, Rs 932.68M has been used in total, with Rs 93.42M deployed during the quarter. The Palghar facility is the most advanced at Rs 497.13M utilized (~70%), while the Egypt plant has used only Rs 13.32M so far. Around Rs 1,185.61M remains unutilized and is parked in fixed deposits earning 6.85%-7.45%. No deviations from stated objects were flagged, though some government approvals (like Egypt Fire Permit and Palghar Fire NOC) are still pending.
The report shows steady, on-track deployment of IPO funds with no major red flags. Slow progress on the Egypt project (only 2% utilized) and pending approvals could be minor concerns, but the Palghar facility is progressing well. The idle funds earning interest are a positive, and no deviations mean investor money is being used as promised.